Mitsui confirms Arctic LNG 2 stake talks with Novatek

The company told Nikkei it is considering a purchase of a stake in the Arctic LNG projects, however, it is also looking into an option of investing in other gas projects in Russia.

The confirmation to Nikkei, follows Reuters report that Mitsui & Co, Russian sovereign wealth fund RDIF and Saudi Aramco are all negotiating over a stake purchase.

Novatek has already agreed a 10 percent stake sale to France’s Total and is looking to sell an additional 30 percent share in the project to cover the projected $25.5 billion project cost.

The Arctic LNG 2 project envisages constructing three LNG trains at 6.6 million tons per annum each, using gravity-based structure (GBS) platforms. The project is based on the hydrocarbon resources of the Utrenneye field.